References Mailings Review View Help 2 +32 41 A A A A " A. A | AaBbc| . 1 No Spac... Heading 1 Heading 2 1 Normal Title Subtitle Subtle Em... Font Styles Paragraph a. What is the journal entry to record raw materials used in production? b. What is the ending balance in Raw Materials? (Show T-Account) c. What is the journal entry to record the labor costs incurred during the year? d. What is the total amount of manufacturing overhead applied to production during the year? (Show complete calculations) e. What is the total manufacturing cost added to Work in Process during the year? f. What is the journal entry to record the transfer of completed jobs that is referred to in bullet point number 7 above? g. What is the ending balance in Work in Process? h. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account) i. Is manufacturing overhead underapplied or overapplied for the year? By how much? i. What is the cost of goods available for sale during the year? (Show complete calculations) k. What is the journal entry to record the cost of goods sold referred to in bullet point number 8 above? 1. What is the ending balance in Finished Goods? (Show T-Account) m. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? n. What is the gross margin for the year? o. What is the net operating income for the year? o Ei a References Mailings Review View Help A A A A ESE 21 . ct * ADA .. - 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Paragraph Styles ACCT2102 FA20 Comprehensive Problem 1 Answer all questions and Label all work as required 1. Rhiner Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $40,000 Work in process $18,000 Finished goods $35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor- hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, S600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $367,000. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $500,000 Manufacturing overhead cost was applied to production. The company actually. worked 41,000 direct labor-hours on all jobs during the year. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets. Required (Show all work/calculations) What is the late materi Feous o a AutoSave FA20 Comprehensive Problem 1 Templates - Excel Search Page Layout Formulas Data Review View Help Anal General SH File Home Insert X Cut In Copy v Paste Format Painter Ciptard -12 AA == GA- 25 Wrap Text Merge & Center BIU $ % 38 Conditional form. Formatting labi Styles Font Alignment Number 020 X D H J M E N K AAB 2 Requirement 3 Date 4 Debit Accounts and Explanation Credit 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Chapter 17 Chapter 20 Tune here to search C AutoSave ON FA20 Comprehensive Problem 1 Templates - Excel Search File Home Insert Page Layout Formulas Data Review View Help Arial - 12 - A A 23 Wrap Text General X Cut Copy Format Painter BIU FR - A Merge & Center $ % 58% Conditional to Formatting Clipboard Font Alignment 5 Number ST 020 X K M AD C D H 67 68 Schedule of Cost of Goods Manufactured 69 Month Ended 70 Beginning Work-in-Process Inventory 71 Direct Materials Used 72 Direct Labor 73 Manufacturing Overhead Allocated 74 Total Manufacturing Costs incurred during the Month 75 Total Manufacturing Costs to Account for 76 Ending Work-in-Process Inventory 77 Cost of Goods Manufactured 78 19 80 81 Income Statement 82 Month Ended 83 Sales Revenue 84 Cost of Goods Sold: 85 Beginning Finished Goods Inventory 06 Cost of Goods Manufactured 87 Cost of Goods Available for Sale 88 Ending Finished Goods Inventory 89 Cost of Goods Sold Before Adjustment 90 Underallocated Overhead 91 Cost of Goods Sold After Adjustment 92 Gross Profit 93 Selling and Administrative Expenses 94 Net Income Chapter 17 Chapter 20 Type here to search AutoSave 2 FA20 Comprehensive Problem 1 Templates - Excel Search File Home Insert Page Layout Formulas Data Review View Help Arial 12 22 Wrap Text General X Cut Oh Copy Format Painter Paste - ' ' - OASE BIU Merge Center $ % 98% Conditional Format as Formatting Table Sty Styles Clipboard 15 Tont Alignment Number 020 X f D E F K 1 M N Total estimated overhead cost Total estimated quantity of the overhead allocation base AB 38 Predetermined 39 Overhead 40 Allocation Rate 41 42 43 44 45 46 47 48 49 Raw Materials Inventory Work-in-Process Inventory 50 51 52 53 Finished Goods Inventory Manufacturing Overhead 54 55 56 57 58 59 80 61 62 63 64 Cost of Goods Sold Chapter 17 Chapter 20 Type here to search O RI a